The present invention relates to new and useful improvements in a storage box or toy chest for housing, organizing and drying bath tub toys and to a method of using the chest for drying bath tub toys. A Storage box for a water toy is known and has been developed using a non-removable drainage panel in a non-ventilated storage box for separating toys from a drain water reservoir located in the base of the box. See for example Rubin U.S. Pat. No. 4,698,042. Storage boxes with nested baskets have been employed for a variety of purposes such as for housing auto parts cleaner or for aerating fishing bait. Groom et al. U.S. Pat. No. 2,403,858 discloses a minnow box having handle holes 24 which serve also as a ventilation means. Other examples of containers with nested basket structures are shown in the following patents: Williams U.S. Pat. No. 458,529, Talbot U.S. Pat. No. 2,664,854, Moorhead U.S. Pat. No. 5,212,902, Johnson U.S. Pat. No. 2,656,640, Eaton U.S. Pat. No. 2,318,842 and Paul U.S. Pat. No. 3,404,695. While the use of containers having nested baskets is common for a variety of applications, the prior art does not disclose a safe, simple, attractive and ventilated chest with a removable nested basket wherein both the box and basket are each formed entirely from sanitary molded plastic for drying toys suspended above a reservoir and there remains a continued need for an improved toy drying chest which is easy and economical to manufacture and which does not detract from the safety or decor of a family or child's bathroom.